PUNJAB GOVT. GAZ. (EXTRA), SEPTEMBER 28, 2020

(ASVN 6, 1942 SAKA)

Regd. No. NW/CH-22

Regd. No. CHD/0092/2018-2020

EXTRA

EXTRA

EXTRA

EXTRA

EXTRAORDINAR

ORDINAR

ORDINAR

ORDINAR

ORDINARY

Published by Authority

Published by Authority

Published by Authority

Published by Authority

Published by Authority

CHANDIGARH, MONDAY, SEPTEMBER 28, 2020

(ASVINA 6, 1942 SAKA)

( lxxx )

LEGISLATIVE SUPPLEMENT

Contents

Pages

Part - I

Acts

The Punjab Fiscal Responsibility and Budget

Management (Second Amendment) Act, 2020

(Punjab Act No. 11 of 2020)

Part - II

Ordinances

Nil

Part - III

Delegated Legislation

Nil

Part - IV

Correction Slips, Republications and

Replacements

Nil

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.. 91-92

PUNJAB GOVT. GAZ. (EXTRA), SEPTEMBER 28, 2020

(ASVN 6, 1942 SAKA)

PART I

GOVERNMENT OF PUNJAB

DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS, PUNJAB

NOTIFICATION

The 28th September, 2020

No.14-Leg./2020.- The following Act of the Legislature of the State of

Punjab received the assent of the Governor of Punjab on the 23th day of

September, 2020, is hereby published for general information:-

THE PUNJAB FISCAL RESPONSIBILITY AND BUDGET

MANAGEMENT (SECOND AMENDMENT) ACT, 2020

(Punjab Act No. 11 of 2020)

AN

ACT

further to amend the Punjab Fiscal Responsibility and Budget

Management Act, 2003.

BE it enacted by the Legislature of the State of Punjab in the

Seventy-first Year of the Republic of India as follows:-

1.

(1)

This Act may be called the Punjab Fiscal Responsibility and Budget

Management (Second Amendment) Act, 2020.

(2)

It shall come into force at once.

2.

In the Punjab Fiscal Responsibility and Budget Management Act,

2003, in section 4, in sub-section (2), for clause (a), the following clause shall

be substituted, namely:-

"(a) contain fiscal deficit as per cent of Gross State Domestic Product

(GSDP) at 3.5 per cent (three and a half per cent) and an additional

1.5 per cent (one and a half per cent) in the financial year

2020-2021, subject to reforms as laid hereunder, and at 3.0 per cent

(three per cent) in the financial year 2021-2022 and maintain

thereafter. The additional 1.5 per cent (one and a half per cent)

in the financial year 2020-2021 shall be conditional to the

following reforms:-

(i)

Implementation of One Nation One Ration Card System;

(ii)

Ease of doing business reforms;

91

Short-title and

commence-ment.

Amendment of

section 4 of

Punjab Act 11 of

2003.

PUNJAB GOVT. GAZ. (EXTRA), SEPTEMBER 28, 2020

(ASVN 6, 1942 SAKA)

92

(iii)

Urban Local body/utility reforms; and

(iv)

Power Sector reforms.

The weightage of each reform is 0.25 per cent of GSDP totaling to 1.0

per cent (one per cent). The remaining borrowing limit of 0.50 per cent will

be conditional on undertaking of at least 3 out of the above-named reforms;".

S.K. AGGARWAL,

Secretary to Government of Punjab,

Department of Legal and Legislative Affairs.

2114/9-2020/Pb. Govt. Press, S.A.S. Nagar